Short Form Announcement - Consolidated Unaudited Interim Results for the Six Months Ended 30 September 2019 TRUSTCO GROUP HOLDINGS LIMITED Incorporated in the Republic of Namibia (Registration number 2003/058) Registered as an external company in South Africa (External registration number 2009/002634/10) NSX share code: TUC JSE share code: TTO OTCQX share code: TSCHY ISIN Number: NA000A0RF067 (“Trustco” or “the Company”) SHORT FORM ANNOUNCEMENT - CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019 Financial Highlights Change 30-Sep-19 30-Sep-18 (Unaudited) (Unaudited) (%) NAD ‘000 NAD ‘000 Revenue 28.40% 320 159 249 336 Gross Profit 78.93% 256 694 143 462 Profit before tax 1665.61% 777 344 44 027 NPAT 725.53% 738 298 89 433 Headline Earnings 823.22% 759 382 82 254 Basic EPS (c) 420.66% 74.09 14.23 Diluted EPS (c) 579.24% 53.32 7.85 HEPS (c) 612.89% 75.21 10.55 Diluted HEPS (c) 830.07% 54.13 5.82 NAV/Share (c) -4.39% 370 387 Share price (c) 8.90% 1040 955 Dividend per share (c) 0% 0 0 Trustco is a diversified triple-listed majority family owned and operated business, with a culture of creating long-term sustainable growth for all stakeholders. Decisions are biased toward long-term value creation and short-term hurdles are viewed as catalysts to drive success. Trustco operation from three business segments being: Insurance and its investments, Banking and finance and Resources. Business Review and Outlook Trustco is pleased to advise Trustco Shareholders (“Shareholders”) on the financial results for the six months ended 30 September 2019 (“the Reporting Period”) and that the period under review recorded persistent adverse economic conditions inflamed by a historic drought in the Southern African region, leading to an international credit rating downgrade of Namibia’s sovereign rating status during this time. During the Reporting Period the Company realized revenues of NAD 320.2 million, an increase of 28% compared to the corresponding period of the prior year, with profits for the Reporting Period of NAD 738.3 million, an increase of NAD 649 million. The Global Credit Rating Company (GCR) also upgraded Trustco’ s national long term rating to B+ (NA) with and its short term rating to B (NA) with a positive outlook during the Reporting Period. In order to secure further capital, Trustco entered into a warrant transaction with Evo Fund, whereby Evo acquired four tranches of warrants (“Evo Transactions”) (Shareholders are referred to the circular dated 6 September 2019 regarding the Evo Transaction together with the SENS announcements published on 30 September 2019 and 16 October 2019 advising Shareholders of the approval of the Evo Transaction and the issuance of the warrant certificates). Evo Fund has already exercised 10 000 shares of the first tranche to benchmark the process (Shareholders are referred to the SENS announcement as published on 24 October 2019 regarding the partial exercise of the first warrant certificate in Africa). This Evo Transaction could raise up to NAD2 billion if fully executed to fund the continuous pursuit of Trustco for growth and wealth creation. In order to accelerate the access to growth opportunities, the Company’s majority shareholder, Dr Q van Rooyen and associates (“van Rooyen”), waived a NAD 1 billion loan to the group as established in the Related Party Loan Program during 2018. This, further deleverage the balance sheet of Trustco and supported the Resources Segment while the group prepares for an intended IPO of this segment (Shareholders are referred to the SENS announcement published on the 14th of October 2019 regarding the write-off of the NAD 1 billion loan by van Rooyen.) Dividends The board of directors has decided to defer the declaration of any interim dividend for the Reporting Period. Short Form Announcement Shareholders are advised that the contents of the unaudited short form SENS announcement is the responsibility of the directors. This short form announcement only contains a summary of the unaudited condensed consolidated interim results for the six months ended 30 September 2019 and does not contain full or complete details. Any investment decisions by investors and/or Shareholders should be based, after consideration of the full version of the results announcement published on SENS and the Company’s website as a whole. The full version of the results is available on the JSE’s website: https://senspdf.jse.co.za/documents/2019/jse/isse/TTO/TTOSEP2019.pdf The full version of the results is also available for downloading on Trustco’s website: https://www.tgh.na/investors/results-centre/ The full version of the results is available for inspection at the registered office of the Company: Trustco House, 2 Keller Street, Windhoek, Namibia, or, upon enquiry, a printed version may be requested from the Company Secretary, heleens@tgh.na at no charge, during normal business hours. The full version of the results is also available for inspection at the Company’s Sponsor during normal business hours at no charge. On behalf of the board of directors Executive Dr Q van Rooyen (Group Managing Director) Mr. F Abrahams (Group Financial Director) Non- Executive *Adv R Heathcote SC (Chairman) *Prof L J Weldon (Lead Independent) *Mr. W J Geyser *Mr. R J Taljaard *Ms. K N van Niekerk (*Independent) All directors are Namibian with the exception of Prof L J Weldon and Ms K N van Niekerk who are South African citizens. Windhoek, Namibia 12 December 2019 Heleen Steyn Acting Company Secretary: Trustco Group Holdings Limited JSE Sponsor Vunani Corporate Finance - Johannesburg NSX Sponsor Simonis Storm Securities Proprietary Limited – Windhoek OTCQX Sponsor J.P Galda & Co – New York South African Transfer Secretaries Computershare Investor Services (Pty) Ltd Namibian Transfer Secretaries: Transfer Secretaries (Pty) Ltd Date: 12-12-2019 04:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. 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